The market is red in the middle of the week, according to CoinMarketCap.
SOL/USD
The rate of Solana (SOL) has declined by 2.26% over the last 24 hours.
On the hourly chart, the price of SOL has made a false breakout of the local support of $121.14. If the daily bar closes far from that mark, one can expect a test of the $124 area soon.
On the longer time frame, there are no reversal signals yet. If sellers’ pressure continues and the candle closes around $120, the accumulated energy might be enough for an ongoing correction to the nearest level of $116.88.
From the midterm point of view, bears remain more powerful than bulls.
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If the weekly bar closes around the current prices or below them, traders may see a test of the $100-$110 area by the end of the month.
SOL is trading at $122.16 at press time.